GST details in sale agreement
9 months ago
My builder for under construction flat has not mentioned GST amount/details in the sale agreement.
The builder is collecting GST at 5 percent rate from me on the property base price .
But has only mentioned the sale price of the property in the sale agreement as the final price.
Is it valid or the GST details are mandatory in the sale agreement.
It is not necessary to mention the GST amount specifically. The total sale consideration mentioned in the sale deed will be inclusive of GST.
Anonymous
Replied 9 months ago
Thank you for your reply.
The Builder is mentioning only the sale price in agreement , but he has also mentioned in the agreement that the price is including all taxes and GST . Is it valid to do so?
For example the sale price is 1 cr for the under construction property and the seller is charging 5% GST from me on top of it. So i am paying 5 lakhs as GST.
Seller has mentioned “Total Sale Consideration” as 1cr in the agreement and later written the below statement as:
“The Total Price above includes Taxes (consisting of tax paid or payable by the Promoter/developer/vendor by way of, GST, Value Added Tax, Service Tax,and Cess or any other similar taxes which may be levied, in connection with the construction of the Project payable by the Promoter/developer/vendor,”
I believe this is not correct and it should clearly mention that the sale price in agreement is excluding GST.
Please suggest
It is not mandatory to mention GST details in the sale agreement because it is presumed that GST follows the purchase amount.
Anonymous
Replied 9 months ago
Thank you for your reply.
The Builder is mentioning only the sale price in agreement , but he has also mentioned in the agreement that the price is including all taxes and GST . Is it valid to do so?
For example the sale price is 1 cr for the under construction property and the seller is charging 5% GST from me on top of it. So i am paying 5 lakhs as GST.
Seller has mentioned “Total Sale Consideration” as 1cr in the agreement and later written the below statement as:
“The Total Price above includes Taxes (consisting of tax paid or payable by the Promoter/developer/vendor by way of, GST, Value Added Tax, Service Tax,and Cess or any other similar taxes which may be levied, in connection with the construction of the Project payable by the Promoter/developer/vendor,”
I believe this is not correct and it should clearly mention that the sale price in agreement is excluding GST.
Please suggest
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